Africa Climate Summit: US Pledges KSh 4.3b To Africa To Support Climate Change Mitigation

• John Kerry was among the notable speakers who delivered their address on the sidelines of the Africa Climate Summit (ACS) at KICC in Nairobi
• The US Presidential Special Envoy said Washington was working on a fund to help nations affected by climate change respond to emergencies
• Kerry said the US government will first provide KSh 3 billion to the Africa Adaptation Initiative for the Food Security Accelerator

Nairobi - US Presidential Special Envoy on Climate John Kerry has today, Tuesday, September 5, announced the country’s pledge of KSh 4.3 billion annually to build climate resilience in Africa.

Speaking on the sidelines of the Africa Climate Summit (ACS) at the Kenyatta International Convention Centre (KICC) in Nairobi, Kerry disclosed that Washington was working on a fund to help nations affected by climate change respond to emergencies.

“As part of implementing President Joe Biden’s Emergency Plan for Adaptation and Resilience (PREPARE) – an initiative launched at the COP26 in Glasgow, I’m pleased to announce the US’ intent to provide an additional KSh 4.3 billion to accelerate climate-resilient food security efforts across Africa,” Kerry said.

Food Security Accelerator

Kerry said President Joe Biden’s administration will first provide KSh 3 billion to the Africa Adaptation Initiative for the Food Security Accelerator, which will invest in African agricultural businesses and help them create independent and climate-resilient supply chains.

“Second, KSh 1.4 billion will go to the Climate Resilience and Adaptation Finance and Technology Transfer Facility to scale technologies advancing adaptation like cold chain storage, which helps maintain the quality and safety of food from the farm into people's homes,” he added.

The White House has repeatedly stated, "On day one in office, President Joe Biden rejoined the Paris Agreement” after his predecessor Donald Trump pulled the US out of the agreement.

The summit’s opening speeches included clear calls to reform the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many.

For instance, Kenya’s Environment Cabinet Secretary Soipan Tuya said Africa has over 30 of the world’s most indebted countries.

Why Joe Biden launched PREPARE

Kerry disclosed President Biden launched PREPARE, to help half a billion people in developing countries, especially in Africa, adapt to the worst impacts of this crisis this decade.

“President Biden wants to work alongside African nations to lead the way in adapting to and managing the impacts of climate change. That’s why, as part of PREPARE, he’s committed to working with Congress to provide KSh 4.3 billion annually for adaptation by 2024, the largest commitment in US history,” Kerry explained.

Apart from the US, the United Arab Emirates, which will host the next United Nations climate meeting, announced it plans to invest KSh 656 billion in Africa’s “clean energy potential.”

On her part, European Union President Ursula von der Leyen said Europe wants to be Africa's partner in climate action.

“It is time to move from words to action. Climate financing should be brought to the international podium at COP28. KSh 145 billion will be allocated to sustain investments. We need to build and grow Africa's green market. Let us take this to the COP28,” she explained.

President William Ruto said the tragedy of climate change is that it is relentlessly eating away at the progress that has been made in mitigating it.

“Going by evidence based on scientific projections, its appetite to consume our GDP will grow in years to come. We are already losing between 5-15% of our GDP growth every year to the adverse impacts of climate change,” he explained.

At the same time, Ruto said the cost of adaptation continues to rise along with the cost of living, while the cost of development capital for African economies remains prohibitive, as millions of our youth remain unemployed.

Other speakers at Africa Climate Summit

Other speakers at the official opening of the heads of state session included Akinwumi Adesina (Africa Development Bank President), Moussa Faki Mahamat (AU Commission chairperson), and Mostafa Madbouly (COP27 and prime minister of Egypt).

Some of the heads of state present were: Denis Sassou Nguesso (Republic of the Congo), Isaias Afwerki (Eritrea), Paul Kagame (Rwanda), Salva Kiir (South Sudan), Macky Sall (Senegal), Filipe Jacinto Nyusi (Mozambique), Julius Maada (Sierra Leone), Samia Suluhu Hassan (Tanzania) and Sahle Work Zewde (Ethiopia).

Earlier, TUKO.co.ke reported that Safaricom secured over KSh 15 billion in loans from local banks to support its Environment, Social, and Governance (ESG) agenda.

The leading telecommunication firm said the Sustainability Linked Loan (SLL) will be significant in its initiatives aimed at reaching net zero emissions, tracking gender diversity, and monitoring social equality impacts. 

Safaricom Chief Executive Officer (CEO) Peter Ndegwa confirmed that the credit facility - the first of its kind - will be significant in the company's diversified investment opportunities.